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Nepal’s Central Bank Announces Ban Of Indian Currency Notes Above Rs 100

By LawStreet News Network      21 January, 2019 12:00 AM      0 Comments

Nepal’s central bank has banned the use of Indian currency notes of Rs 2,000, Rs 500 and Rs 200 denominations. A circular was issued on January 20, 2019, by Nepal Rastra Bank notifying the institutions licensed by it about the ban.

The circular prohibits Nepali travellers, banks and financial institutions from holding or carrying and trading Indian bank notes higher than Rs 100, the Kathmandu Post reported.

As per the circular, the Indian currency notes above Rs 100 cannot be carried and used for trading. However, Indian notes of Rs 100 or below, are allowed for trading and conversion.

Moreover, Nepali citizens cannot carry these denominations to countries other than India. Similarly, Nepalis are also not allowed to bring such notes from other countries.

On December 13 last year, the Cabinet had decided to publish the notification in the Nepal Gazette not to allow people to carry Indian currency notes above Rs 100 denominations in Nepal.

The Indian government introduced notes of Rs 2,000, Rs 500 and Rs 200 denominations after demonetization in 2016.

People have been using new Indian currency notes in the Nepali market for nearly two years.



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